Trust Fintech made a robust debut on the stock market on Thursday, with its shares being listed at a premium of 41.83% on NSE SME. The opening price stood at ₹143.25 per share, significantly higher than its issue price of ₹101 per share.
The IPO listing of Trust Fintech met market expectations. Prior to the listing, the Grey Market Premium (GMP) for Trust Fintech IPO was ₹45 per share, suggesting a potential listing price of around ₹146 per share, reflecting a premium of 44.55% over the IPO price, as observed by stock market analysts.
Trust Fintech Ltd, a software development company specializing in providing Core Banking Software and IT Solutions for the BFSI sector, offers a diverse range of banking products for commercial, cooperative banks, and financial institutions.
The company launched its initial public offering (IPO) on March 26 to raise capital from the primary markets. The IPO subscription period ran from March 26 to March 28, with the allotment finalized on April 2 and the shares listed on April 4.
The IPO garnered significant demand from investors, with an oversubscription of 108.63 times in total. The retail category saw a subscription of 75.10 times, while the Qualified Institutional Buyers (QIB) category and the Non-Institutional Investors (NII) category were oversubscribed by 65.38 times and 244.48 times, respectively.
Trust Fintech aims to utilize the net proceeds from the IPO to set up additional development facilities, invest in IT infrastructure, fund enhancements and upgrades to existing products, meet business development expenses, and cover general corporate expenditures.
Corporate Capitalventures Pvt Ltd acted as the book-running lead manager for the Trust Fintech IPO, with Bigshare Services Pvt Ltd serving as the IPO registrar.
